About me
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What kinds of questions I can and can't answer?
Income Ta
My area of expertise
Income tax, Service Tax, Accounting,etc
My experience in the area (years):
15 Years
Organizations I belong to:
Uniworld logistics Pvt Ltd
Publications or writing which has appeared :
Nil
Educational credentials:
Chartered Accountant
Award & Honors:
Nil
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CA Amit Rajput
says
: Please comment
****Welcome to all experts to join in discussion **** I have a case about a an Investment (private limited )company which maintaining books of account on mercantile basis. But company records income on receipt basis from April to Feb and in the month of march a consolidate receivable from April to Feb is recorded and for month of march on receivable basis. my question is that is this practice of following cash basis accounting for 11 month and in March remaining receivable on consolidate basis i.e.(receivable less received) and for only month of march on pure receivable basis is Correct ??? Means following cash basis accounting for 11 months and Accrual basis accounting in month of march is correct or it will be treated as hybrid system. Is there any clarification from ICAI or Department for following accrual basis accounting through out the year? Pls join in discussion
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